ABVX · NasdaqGM
Biotechnology · France
Snapshot 2026-09-22 · Latest financial period 2026-03-31 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
ABIVAX Société Anonyme, a clinical-stage biotechnology company, develops therapeutics that harness the body's natural regulatory mechanisms to stabilize the immune response in patients with chronic inflammatory diseases. Its lead drug candidate includes obefazimod, which is in Phase 3 clinical development for the treatment of moderately to severely active UC, as well as Phase 2b clinical trials for Crohn's disease. The company was incorporated in 2013 and is headquartered in Paris, France.
Company websiteQ2 2026
Published 2026-09-21
Q2 2026 REPORT HIGHLIGHTS
Abivax now has funding into Q4 2029 and a planned obefazimod NDA, but nearly $8.6B of diluted value above capital leaves little room for execution mistakes.
€402.4M of June liquidity plus €767.1M of July net proceeds supports management’s runway into Q4 2029.
The July offer added 7.36M ADSs; our valuation uses 95.45M diluted ordinary equivalents, not the provider’s stale 73.43M shares.
A €43.205M royalty-certificate derecognition drove part of Q2’s €117.433M loss, but R&D, G&A and cash burn also rose sharply.
Management plans an obefazimod UC NDA by year-end 2026 and Crohn’s Phase 2b data in mid-2027.
The 2025 material weaknesses were not confirmed remediated in the current filing; this packet carries that issue rather than assuming a cure.
Comparable businesses
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No suitable peers with fresh, comparable size data are available. We have not substituted unrelated companies.
| Metric | ABVXABIVAX Société AnonymeSnapshot 2026-09-22Financial period: 2026-03-31 |
|---|---|
| Market capMarket value, converted to USD | US$9.03B |
| Forward P/EProvider forward earnings estimate | — |
| EV / EBITDAEnterprise value / trailing EBITDA | — |
| Revenue growthLatest quarter vs prior-year quarter | 35.2% |
| Operating marginLatest reported quarter | -4,183.7% |
| Free cash flow yieldTrailing cash flow / market cap | — |
| Net debt / EBITDANet debt / trailing EBITDA | — |
| Debt / equityTotal debt / positive book equity | 0.08x |
| Trailing P/ETrailing twelve-month earnings | — |
| Price / bookPrice / positive book equity per share | 16.63x |
| EV / salesEnterprise value / trailing revenue | — |
| Earnings growthLatest quarter vs prior-year quarter | — |
| Gross marginTrailing twelve months | 100.0% |
| Net marginTrailing twelve months | 0.0% |
| Return on equityProvider trailing return; positive equity only | -157.1% |
| Free cash flow marginTrailing free cash flow / revenue | -2,326.7% |
| Dividend yieldIndicated annual dividend / price | — |
| Earnings payoutProvider trailing dividend payout | 0.0% |
| Current ratioCurrent assets / current liabilities | 8.25x |
| BetaProvider historical market sensitivity | -0.25 |
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Reported performance
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Market context
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THE RESEARCH RECORD
FREE RESEARCH PACKET · Q2 2026
Abivax now has funding into Q4 2029 and a planned obefazimod NDA, but nearly $8.6B of diluted value above capital leaves little room for execution mistakes.
Research published September 21, 2026 · Download original report
Read Research PacketPresentation · 2026-09-21 · YouTube
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